Sec. 201 Extension of issuing authority
Section 235(a)(2) of the Foreign Assistance Act of 1961 (22 U.S.C. 2195(a)(2)) is amended by striking “2007” and inserting “2019”.
Title II — Overseas Private Investment Corporation
II Overseas Private Investment Corporation
Sec. 202 Expedited procedures for financing of small projects related to power generation and distribution in sub-Saharan Africa
In general— Not later than 180 days after the date of the enactment of this Act, the Overseas Private Investment Corporation should, as appropriate, simplify and streamline the application, approval, and post-approval processes for insurance, financing, investment, or reinsurance for projects or subprojects, including off-grid efforts, in sub-Saharan Africa for which the total support of the Corporation is less than $20,000,000, by—
expediting the review and consideration of, and determinations with respect to, applications for insurance, financing, investment, or reinsurance, consistent with investment best practices, including appropriate risk management, for such projects and subprojects; and
reducing the burdens of project management for, and eliminating duplicative or unnecessary oversight of such projects and subprojects after approval of insurance, financing, investment, or reinsurance for projects or subprojects.
Consideration of best practices— In revising its procedures as required by subsection (a), the Overseas Private Investment Corporation should consider best practices established by the International Finance Corporation of the World Bank Group.
Sec. 203 Activities in sub-Saharan Africa; investment advisory council
Section 233(e) of the Foreign Assistance Act of 1961 (22 U.S.C. 2193(e)) is amended to read as follows:
“(e) Activities in sub-Saharan Africa; investment advisory council
“(1) In general—The Board should take prompt measures to prioritize, as appropriate, the loan, guarantee, and insurance programs, and financial commitments, of the Corporation in sub-Saharan Africa in the areas of power generation, distribution, and off-grid power and lighting, including through the use of an investment advisory council to assist the Board in developing and implementing policies, programs, and financial instruments with respect to sub-Saharan Africa.
“(2) Recommendations—The investment advisory council described in paragraph (1) shall make recommendations to the Board on how the Corporation can facilitate greater support by the United States for private sector trade and investment with and in sub-Saharan Africa.
“(3) Termination—The investment advisory council described in paragraph (1) shall terminate on December 31, 2018.
“(4) Applicability of federal advisory committee act—The investment advisory council described in paragraph (1) shall not be subject to the Federal Advisory Committee Act (5 U.S.C. App.).”
Sec. 204 Pilot program for expansion of eligible investors
In general— The Overseas Private Investment Corporation shall conduct a pilot program under which entities that are covered by section 238(c)(3) of the Foreign Assistance Act of 1961 (22 U.S.C. 2198(c)(3)) and are substantially beneficially owned by United States citizens shall be considered eligible investors under section 238(c) of that Act for the sole purpose of receiving assistance from the Corporation for power projects in sub-Saharan Africa.
Cap on assistance— Assistance provided by the Corporation for a power project in sub-Saharan Africa pursuant to subsection (a) to an entity that is covered by section 238(c)(3) of the Foreign Assistance Act of 1961 (22 U.S.C. 2198(c)(3)) and is substantially beneficially owned by United States citizens shall not exceed the lesser of—
the share of ownership in the entity of such United States citizens; or
the percentage of the investment of the entity in the project.
Termination of pilot program— The pilot program under subsection (a) shall terminate on the date that is 5 years after the date of the enactment of this Act.
Continued validity of existing support— Notwithstanding subsection (c), any support provided before the date that is 5 years after the date of the enactment of this Act pursuant to the pilot program under subsection (a) shall remain valid on and after that date.
Sec. 205 Pilot program for direct investment and local currency guaranties for power projects in sub-Saharan Africa
In general— The Overseas Private Investment Corporation shall conduct a pilot program to—
make loans to eligible investors under section 234(c) of the Foreign Assistance Act of 1961 (22 U.S.C. 2194(c)) for power projects in sub-Saharan Africa and for which the total support of the Corporation does not exceed $50,000,000; and
issue local currency guarantees under section 234(h) of the Foreign Assistance Act of 1961 (22 U.S.C. 2194(h)) to African subsidiaries of foreign financial institutions if the issuance of such guarantees directly facilitates lending for power projects in sub-Saharan Africa undertaken by eligible investors.
Eligible investor defined— In this section, the term eligible investor means an eligible investor as defined in section 238(c) of the Foreign Assistance Act of 1961 (22 U.S.C. 2198(c)) or described in section 204(a) of this Act.
Termination of pilot program— The pilot program under subsection (a) shall terminate on the date that is 5 years after the date of the enactment of this Act.
Continued validity of existing loans and guarantees— Notwithstanding subsection (c), any loans made or local currency guarantees issued pursuant to the pilot program under subsection (a) before the date that is 5 years after the date of the enactment of this Act shall remain valid on and after that date.
Sec. 206 Extension of maximum term of obligation for renewable energy projects in sub-Saharan Africa
Section 237(e) of the Foreign Assistance Act of 1961 (22 U.S.C. 2197(e)) is amended to read as follows:
“(e) Maximum term of obligation
“(1) In general—Except as provided in paragraph (2), no insurance, guaranty, or reinsurance of any equity investment shall extend beyond 20 years after the date of issuance.
“(2) Extended term of obligation for certain projects—An insurance, guaranty, or reinsurance of an equity investment in a renewable energy project in sub-Saharan Africa may extend up to 30 years after the date of issuance.”
Sec. 207 Inspector General
In general— Section 8G(a) of the Inspector General Act of 1978 (5 U.S.C. App.) is amended—
in paragraph (2), by inserting “the Overseas Private Investment Corporation,” after “the National Science Foundation,”; and
in paragraph (4)—
in subparagraph (G), by striking “; and” and inserting a semicolon;
in subparagraph (H), by inserting “and” after the semicolon; and
by adding at the end the following:
“(I) with respect to the Overseas Private Investment Corporation, such term means the Board of Directors of the Overseas Private Investment Corporation (established under section 233(b) of the Foreign Assistance Act of 1961 (22 U.S.C. 2193(b));”
Conforming amendment— Section 239 of the Foreign Assistance Act of 1961 (22 U.S.C. 2199) is amended by striking subsection (e).
Sec. 208 Assessment of customer satisfaction
Section 239 of the Foreign Assistance Act of 1961 (22 U.S.C. 2199) is amended by adding at the end the following:
“(l) Assessment of customer satisfaction
“(1) In general—Each fiscal year, the Corporation shall conduct a survey of a sample of its customers to assess the satisfaction of those customers with the operation and procedures of the Corporation, with particular attention to customers of the Corporation that are small businesses and cooperatives.
“(2) Report to congress—The Corporation shall include in its annual report required under section 240A a report on the survey conducted under paragraph (1) that includes, as appropriate, summaries of recommendations made by customers of the Corporation with respect to ways to improve the operations and procedures of the Corporation.”
Sec. 209 Schedule B hiring authority
In carrying out the purposes of this Act and its responsibilities under this Act, the Overseas Private Investment Corporation may, in addition to other authorities available, employ not more than 20 individuals, on a limited-appointment basis, pursuant to schedule B of subpart C of part 213 of title 5, Code of Federal Regulations, for the purpose of furthering specific efforts in sub-Saharan Africa with respect to power production and generation and distribution, including off-grid efforts.
Sec. 210 Sense of Congress on funding
It is the sense of Congress that appropriations for the administrative expenses and activities under section 234(g)(5) of the Foreign Assistance of 1961 (22 U.S.C. 2194(g)(5)) of the Corporation in each of the fiscal years 2015 through 2019 should be adjusted to reflect the resources needed to carry out the purposes of this Act, including enabling the Corporation to hire personnel and to upgrade systems infrastructure, as appropriate, to implement the purposes of this Act.
Sec. 211 Report on equity authority
Not later than one year after the date of the enactment of this Act, the Inspector General of the Overseas Private Investment Corporation (appointed pursuant to the amendments made by section 207) shall submit to Congress a report on the authorities of the Corporation to effectively meet its statutory objectives, including as modified by this Act, that includes an assessment of the following:
The effectiveness of the existing authorities of the Corporation in promoting investment in energy and infrastructure projects.
The effect granting the Corporation the authority to directly invest in projects would have on—
the ability of the Corporation to support development projects, including infrastructure and energy projects, that advance the foreign policy goals of the United States;
the risk profile of the Corporation;
the budget of the Corporation;
the success rate of projects, measured in terms of capacity to meet development goals and financial targets;
sectors or regions in which equity investment would be particularly beneficial or harmful to furthering the mission of the Corporation; and
the capability of the Corporation to meet its statutory objectives, including as modified by this Act, including whether granting such authority would limit the effectiveness of the Corporation in meeting its goals with respect to stimulating United States private sector investment in such projects, including investment by small- and medium-sized enterprises.
The effect of any other financing instruments that may be better suited to energy or infrastructure projects.
The competitiveness of financing provided by the Corporation relative to financing provided by development finance institutions of other major economies.